State Gas Limited (STGSF) Successful Completion of Retail Entitlement Offer

State Gas Limited (ASX:GAS) (OTCMKTS:STGSF) is pleased to announce the successful completion of the retail component (Retail Entitlement Offer) of its 1 for 2 accelerated pro rata non-renounceable entitlement offer (Offer) announced on 5 August 2024.

The Retail Entitlement Offer closed at 5:00pm AEST on 5 September 2024, raising $959,151. Eligible retail shareholders applied for 18,101,687 New Shares (and 9,050,857 attaching options) pursuant to their entitlements, including 3,957,803 New shares (and 1,978,902 attaching options) under the shortfall facility.

This follows a successful placement (Placement) and institutional component of the Offer (Institutional Entitlement Offer) which jointly raised approximately $4,348,513, as announced to ASX on 8 August 2024.

The Retail Entitlement Offer gave eligible retail shareholders (Eligible Shareholders) the opportunity to take up their pro-rata entitlement by applying for New Shares and attaching options. Eligible Shareholders were also able to apply for additional New Shares (and attaching options) under a shortfall facility allocated as set out in the Company's Prospectus dated 5 August 2024. Total proceeds from the Retail Entitlement Offer were $905,084.

A total amount of approximately $5,253,598 was raised through the Placement, the Institutional Entitlement Offer and the Retail Entitlement Offer. A further $660,371 has been raised from the Placement, representing 13,207,421 New Shares and 6,603,711 attaching options, and is subject to Shareholder approval.

New Shares taken up under the Retail Entitlement Offer, which rank equally with existing shares on issue, are expected to be issued on 12 September 2024 and commence trading on ASX on 13 September 2024.

*To view details of the offer, please visit:
https://abnnewswire.net/lnk/FB090AQ7

Doug McAlpine
Chief Executive Officer
Phone: 0488 007 889
Email: doug@stategas.com

Richard Cottee
Executive Chairman
Phone: 0458 517 850
Email: richard@stategas.com

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